Bitcoin Cash (BCH) was launched in 2017 and has become one of the top alternative coins on the market. Presently, it is the fourth largest cryptocurrency, and it has a market capitalization of about $20.69 billion.
Bitcoin Cash (BCH) Price Today / USD
As many investors as aware, last year was an amazing year for this budding cryptocurrency and there was so much to gain from trading it. But can this trend continue this year and beyond? This Bitcoin Cash (BCH) price forecast will show what to expect in the coming months.
BCH/USD Long-term Trend is Bearish
Bitcoin Cash (BCH) is still suffering from significant selling pressure when paired with the US dollar this week. USD/BCH has resumed the value decline, which dates back to a sudden dip that occurred on June 10. After that, the crypto asset resumed and entered a ranging move between June 11 and June 21. Afterward, the bears were able to successfully push the market southwards.
This low price value has occurred before a few months ago. The 14-day SMA at the moment is below the fifty-day SMA. These two SMAs are presently seen slanting towards south. Also, the Stochastic Oscillators dipped into the oversold zone currently but are oscillating below the range of 20. It implies that the market’s bearish trend is weakening.
The bears may still have the element of rebuffing the bulls the opportunity of making any tangible headway in the present market bearish trend. For the bulls to successfully find their way back into the market, they must be supported by a very long bullish Japanese candlestick.
All investors can remain watchful of the happenings in the market for a short while to pick a good buying price value of this crypto asset. However, traders can keep on trading along this bearish trend while it is safely and convincingly deemed fit to do so with expert and sound financial guides.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.